What would happen to milk prices and total revenue of milk

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if demand for milk is inelastic, but there is an increase in supply, what would happen to milk prices and total revenue of milk sales?

if floods destory a corn crop and i wanted to estimate the impact of the decrease in the supply of feed crops on the price of feed, would i use the elasticity of demand or supply?

if the demand curve is perfectly inelastic for a certain product, then an increase in the supply will result in a lower price for that product, but there will be no change in the quantity traded in the market.

Reference no: EM13183986

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